Valspar Automotive (UK) Corporation Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 03287388 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

VALSPAR AUTOMOTIVE (UK) CORPORATION

LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Statement of Directors' Responsibilities

5

Report of the Independent Auditors

6

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

J J Miklich

D H Karnstein

J M Donchess

REGISTERED OFFICE:

Avenue One

Station Lane

Witney

Oxfordshire

OX28 4XR

REGISTERED NUMBER:

03287388 (England and Wales)

AUDITORS:

Bradshaw Johnson

Chartered Accountants

Statutory Auditor

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

The directors present their strategic report for the year ended 31 December 2019.

REVIEW OF THE BUSINESS

Turnover has decreased by 9% to £13,788,894 when compared to the prior year. The gross profit percentage has

decreased to 27% in value terms and gross profit has decreased by £868,315 to £3,724,011. Administrative expenses

have decreased from £4,551,119 to £4,316,548. The operating profit has decreased from £25,737 to a loss in 2019 of

£603,780.

The main objectives for future trading are to continue to expand the turnover and increase profitability by improving the

gross margin and reducing overheads.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing Valspar Automotive (UK) Corporation Limited (the Company) are

competitive, financial and legislative. In the UK the principal competitive risk relates to the percentage of our products

sourced from non-UK manufacturing plants. Within the UK we invoice in local currency but the majority of our product

is sourced in Euros. In addition to risks relating to foreign exchange, financial risks are principally credit and liquidity

risks. There is a risk of customers being unable to pay their obligations to the Company. The paint we distribute is

subject to standards which are continuously open to revision. Any new directive may have a material impact on the

ability of the Company to market and distribute at a profit. In addition, compliance imposes costs and failure to comply

with these standards would have an adverse impact on the ability of the Company to operate.

The Company monitors and manages these risks as follows:

Financial risks - the risk of foreign exchange exposure is managed at a corporate level by The Sherwin-Williams

Company. In terms of credit and liquidity risks we perform regular reviews of our customer accounts and credit limits at

a local level.

Competitive risks - we manage our competitive risk by focusing on the quality of our product and maintaining good

relations with our customers and suppliers. We monitor our supply chain to ensure that we benefit from the best

available lead times.

Legislative risks - our product managers and our regulatory managers review legislation changes to ensure that we

comply with all regulatory matters.

SECTION 172(1) STATEMENT

See Report of the Directors page 3.

ANALYSIS OF KEY PERFORMANCE INDICATORS

The Company measures its performance on a number of key performance indicators, including;

- increasing revenue and controlling costs - monthly review of results carried out by management;

- accurate monthly accounts closed by day of month end and balance sheet accounts reconciled by end of the following

month - monitored by corporate;

- statutory accounts filed on time and no penalties incurred - evidenced by filing date;

- tax returns filed on time and no penalties incurred - evidenced by filing date and;

- clean audit reports, both internal and external as evidenced by no material misstatements or audit qualifications -

evidenced by no misstatement.

ON BEHALF OF THE BOARD:

J J Miklich - Director

2 October 2020

The directors present their report with the financial statements of the Company for the year ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of the wholesale of automotive paint and body

repair materials.

DIVIDENDS

No dividends were paid or declared during the year ended 31 December 2019 (2018 - £nil). No dividends have been

proposed for after the year end.

DIRECTORS

J J Miklich has held office during the whole of the period from 1 January 2019 to the date of this report.

Other changes in directors holding office are as follows:

E N G Braggio - resigned 29 March 2019

A J Mistysyn - resigned 29 March 2019

D H Karnstein - appointed 29 March 2019

J M Donchess - appointed 29 March 2019

DIRECTORS' LIABILITIES

The Company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought

by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party

indemnity provision remains in force as at the date of approving the directors' report.

GOING CONCERN

The Directors have been informed that, as part of a wider programme to simplify The Sherwin-Williams Group's UK

legal structure, it is likely that, within the 12 months following the signing of these accounts, the business and

assets/liabilities of Valspar Automotive (UK) Corporation Limited will be transferred to another Sherwin-Williams

Group Company and the Valspar Automotive (UK) Corporation Limited legal entity will be wound up. This change is

being done purely to reduce administrative costs and to improve efficiency, and the Directors are confident that it will

have no impact on the existing business's commitment to providing the wholesale of automotive paint and body repair

materials.

SECTION 172(1) STATEMENT

The Directors fulfil their duty by ensuring that there is a strong governance structure and process running through all

aspects of the Sherwin-Williams Group's operations. The Sherwin-Williams Group's strategy and business model are

underpinned by the employees and all members of the Board undertake regular site visits to deliver key engagement and

development programmes. The Sherwin-Wiliams Group engages with its key stakeholders in a variety of ways,

explained in more detail in the Strategic Report (page 2) and the Directors' responsibilities statement on page 5. The

Board is kept informed of all relevant issues by means of a number of written reports against agreed KPI.s

The Board of Directors of Valspar Automotive (UK) Corporation Limited consider that they, both individually and

collectively, have acted in a way that would be most likely to promote the success of the Company for the benefit of its

members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions

they have taken during the year ended 31 December 2019. In making this statement the Directors considered the longer

term consideration of stakeholders and the environment and have taken into account the following:

a) the likely consequences of any decisions in the long term;

b) the interests of the Company's employees;

c) the need to foster the Company's business relationships with suppliers, customers and others;

d) the impact of the Company's operations on the community and the environment;

e) the desirability of the Company maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the Company.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the Company's

auditors are aware of that information.

AUDITORS

The auditors, Bradshaw Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J J Miklich - Director

2 October 2020

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors

are required to:

-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

Opinion

We have audited the financial statements of Valspar Automotive (UK) Corporation Limited (the 'Company') for the year

ended 31 December 2019 which comprise the Statement of Comprehensive Income, Statement of Financial Position,

Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting

policies. The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard

applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

- give a true and fair view of the Company's affairs as at 31 December 2019 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the Company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,

and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not

appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast

significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of

at least twelve months from the date when the financial statements are authorised for issue.

Other

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial

statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from

branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of

directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs

(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Harding (Senior Statutory Auditor)

for and on behalf of Bradshaw Johnson

Chartered Accountants

Statutory Auditor

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

6 October 2020

TURNOVER

4

13,788,894

15,106,538

Cost of sales

10,064,883

10,514,212

GROSS PROFIT

3,724,011

4,592,326

Distribution costs

11,243

15,470

Administrative expenses

4,316,548

4,551,119

4,327,791

4,566,589

OPERATING (LOSS)/PROFIT

7

(603,780

)

25,737

Interest receivable and similar income

8

997

22

(602,783

)

25,759

Interest payable and similar expenses

9

1,408

9,559

(LOSS)/PROFIT BEFORE TAXATION

(604,191

)

16,200

Tax on (loss)/profit

10

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(604,191

)

16,200

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(604,191

)

16,200

FIXED ASSETS

Intangible assets

11

3,257,976

5,315,644

Tangible assets

12

598,612

610,820

3,856,588

5,926,464

CURRENT ASSETS

Stocks

13

2,051,272

2,207,403

Debtors

14

6,547,221

5,309,777

Cash at bank

998

51,760

8,599,491

7,568,940

CREDITORS

Amounts falling due within one year

15

2,129,011

2,564,145

NET CURRENT ASSETS

6,470,480

5,004,795

TOTAL ASSETS LESS CURRENT LIABILITIES

10,327,068

10,931,259

CAPITAL AND RESERVES

Called up share capital

17

601,801

601,801

Share premium

7,599,999

7,599,999

Retained earnings

2,125,268

2,729,459

SHAREHOLDERS' FUNDS

10,327,068

10,931,259

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2020 and were signed on its behalf by:

J J Miklich - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2018

601,801

2,713,259

7,599,999

10,915,059

Changes in equity

Total comprehensive income

-

16,200

-

16,200

Balance at 31 December 2018

601,801

2,729,459

7,599,999

10,931,259

Changes in equity

Total comprehensive loss

-

(604,191

)

-

(604,191

)

Balance at 31 December 2019

601,801

2,125,268

7,599,999

10,327,068

1.	STATEMENT OF COMPLIANCE

Valspar Automotive (UK) Corporation Limited is a private company limited by shares incorporated in England.

The registered office is:

Avenue One

Station Lane

Witney

Oxfordshire

OX28 4XR

The Company's financial statements have been prepared in compliance with FRS 102 as it applies to the financial

statements for the year ended 31 December 2019.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention in accordance with applicable

accounting standards. The financial statements are prepared in sterling.

The financial statements are not prepared on a going concern basis as the Directors have been informed that, as

part of a wider programme to simplify The Sherwin-Williams Group's UK legal structure, it is likely that, within

the 12 months following the signing of these accounts, the business and assets/liabilities of Valspar Automotive

(UK) Corporation Limited will be transferred to another Sherwin-Williams Group Company and the Valspar

Automotive (UK) Corporation Limited legal entity will be wound up.

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Revenue recognition

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its

performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates,

VAT and other sales taxes or duty.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is

probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred

or to be incurred in respect of the transaction can be measured reliably.

Intangible assets

Intangible assets are measured at cost less accumulated amortisation.

Amortisation is charged so as to allocate the cost of intangibles over their estimated useful lives, using

straight-line method. The intangible assets are amortised over the following useful life:

Intellectual Property - 5 years

The carrying values of intangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost and 10% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Statement of Comprehensive Income,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessment in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probate that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot

exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign

currencies are retranslated at the rate of exchange ruling at the statement of financial position date. All

differences are taken to the profit and loss account.

Current taxation

Current tax is based on the taxable profit for the period and is provided at amounts expected to be paid (or

recovered) using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date.

No consideration is receivable or payable in respect of losses surrendered or claimed by way of group relief.

Operating lease commitments

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease

term. Lease incentives are recognised over the shorter of the lease term and the date of the next rent review.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short

term deposits with an original maturity date of three months or less.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the income statement in other operating

expense.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the amounts reported for assets and liabilities as at the statement of financial position date and the

amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual

outcomes could differ from those estimates. The following judgements (apart from those involving estimates)

have had the most significant effect on amounts recognised in the financial statements.

Operating lease commitments

The Company, as a lessee, obtains use of property, plant and equipment. The classification of such leases as

operating or finance leases requires the Company to determine, based on an evaluation of the terms and

conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of

these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of

financial position.

4.

TURNOVER

The turnover and loss (2018 - profit) before taxation are attributable to the one principal activity of the

Company.

5.	EMPLOYEES AND DIRECTORS

Year ended 31.12.19

Year ended 31.12.18

£

£

Wages and salaries

985,253

903,582

Social security costs

78,485

79,670

Other pension costs

44,051

45,551

1,107,789

1,028,803

The average number of employees during the year was as follows:

Year ended 31.12.19

Year ended 31.12.18

Office administration

12

13

6.	DIRECTORS REMUNERATION

Directors' remuneration for the year ended 31 December 2019 and year ended 31 December 2018 have been

borne by the ultimate parent. The directors of the Company are also directors or officers of other companies

within The Sherwin-Williams Group. The directors' services to the Company do not occupy a significant amount

of their time. As such, the directors do not consider that they have received any remuneration for their incidental

services to the Company for the year ended 31 December 2019 and year ended 31 December 2018. All directors

have retirement benefits accruing to them under pension schemes with Sherwin-Williams.

Share options in the ultimate parent undertaking are granted to the directors. During the year no directors

exercised share options (2018: nil).

7.	OPERATING (LOSS)/PROFIT

The operating loss (2018 - operating profit) is stated after charging:

Year Ended 31.12.19

Year Ended 31.12.18

£

£

Operating lease rentals

48,144

46,490

Depreciation - owned assets

444,357

395,156

Intellectual Property amortisation

2,057,668

2,057,668

Auditors' remuneration

12,400

20,142

Professional services

31,716

1,593

Foreign exchange differences

80,174

65,104

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.19

31.12.18

£

£

Receivable on bank deposits

997

22

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.19

31.12.18

£

£

Bank interest

1,408

9,559

10.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the year ended

31 December 2018.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

31.12.19

31.12.18

£

£

(Loss)/profit before tax

(604,191

)

16,200

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

(114,796

)

3,078

Effects of:

Depreciation in excess of capital allowances

476,117

466,037

Group relief claimed for nil payment - current year

(361,321

)

(469,115

)

Total tax charge

-

-

The standard rate of tax applied to reported profit on ordinary activities is 19% (2018: 19%). The Finance Bill

2016 included provisions to reduce the main rate of corporation tax to 17% from 1 April 2020. However, in the

March 2020 Budget it was announced that the cut in the rate to 17% will now not occur and Corporation Tax

Rate will be held at 19%. As this has not been enacted by the balance sheet date, balances as at 31 December

2019 continue to be measured at 17%.

A decision has been made across the group that deferred tax is not considered to be recoverable. The Company

has no unused tax losses or unused tax credits with an expiry date.

11.	INTANGIBLE FIXED ASSETS

Intellectual

Property

£

COST

At 1 January 2019

and 31 December 2019

10,288,341

AMORTISATION

At 1 January 2019

4,972,697

Amortisation for year

2,057,668

At 31 December 2019

7,030,365

NET BOOK VALUE

At 31 December 2019

3,257,976

At 31 December 2018

5,315,644

12.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2019

3,296,982

132,008

3,428,990

Additions

432,149

-

432,149

At 31 December 2019

3,729,131

132,008

3,861,139

DEPRECIATION

At 1 January 2019

2,686,162

132,008

2,818,170

Charge for year

444,357

-

444,357

At 31 December 2019

3,130,519

132,008

3,262,527

NET BOOK VALUE

At 31 December 2019

598,612

-

598,612

At 31 December 2018

610,820

-

610,820

13.

STOCKS

31.12.19

31.12.18

£

£

Finished goods and goods

for resale

2,051,272

2,207,403

Inventories write downs recognised as an expense in the period amounts to £68,149 (2018 - £73,675).

14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

2,421,183

2,602,630

Other debtors

77,806

82,123

Amounts due from group

companies

4,048,232

2,625,024

6,547,221

5,309,777

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

120,973

73,579

Social security and other taxes

23,461

26,806

VAT

341,917

524,824

Amounts owed to group undertakings

854,270

1,074,382

Accruals and deferred income

788,390

864,554

2,129,011

2,564,145